One of the vital highly effective figures in international actual property investing is leaving the constructing.
Blackstone’s Kathleen McCarthy, who helped develop the agency’s property arm right into a $320 billion behemoth, will depart by 12 months’s finish after 15 years with the corporate, Bisnow reported. McCarthy, 47, has served since 2018 as international co-head of Blackstone Actual Property — the world’s largest non-public property investor — and can step all the way down to “discover new alternatives,” the corporate stated. Her co-lead, Nadeem Meghji, 45, will take over as sole head of the enterprise.
McCarthy joined the agency in 2008 from Goldman Sachs. Since then, Blackstone’s belongings beneath administration almost tripled from $115 billion to $320 billion. That progress occurred throughout a number of actual property cycles: the post-financial disaster growth, the pandemic disruption and the higher-rate hunch that adopted in 2022.
She wrote in a LinkedIn publish that main the agency’s actual property arm was “one of many nice privileges” of her profession.
Earlier than taking the highest job in 2018, McCarthy served as chief working officer of Blackstone’s actual property division. She stepped up alongside Ken Caplan when longtime chief Jon Grey turned Blackstone’s president. After Caplan was promoted to international co-CIO final 12 months, Meghji — then head of North American actual property — was elevated to share management with McCarthy.
The timing of McCarthy’s departure comes as Blackstone pivots again to deal mode, having offered $16.9 billion price of actual property within the first 9 months of 2025, roughly according to final 12 months’s tempo.
It’s unclear what McCarthy’s subsequent transfer shall be. Blackstone veterans have made waves after leaving the agency. Former actual property government Chad Pike launched fund supervisor Makarora in 2023, which final month agreed to purchase logistics REIT Plymouth Industrial for $2.1 billion alongside Ares.
— Eric Weilbacher
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